Gulf nations embark on defense industry localization
Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...
Economy
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Economy
UAE announces new incentives to support emirati SMEs
The new incentives include classifying up to five enterprises under Tier 1 category per owner, instead of two enterprises, and...
- The enterprises that will benefit from the new incentives have to be members of accredited funds and programs that support SMEs in the UAE.
- Empowering SMEs is a strategic priority within the nation’s continuous efforts to develop the business sector in the UAE, said Khalil Al Khoori, an HR official.
Business
Ajman Chamber discuss economic ties with Mexican envoy
Director-General of the Ajman Chamber of Commerce and Industry (ACCI) Salem Al-Suwaidi received Ambassador of Mexico to the UAE Luis...
- The meeting between DG of Ajman Chamber and Mexican ambassador took place as part of the Chamber's efforts to diversify its external partnerships
- The two sides discussed economic cooperation and explored trade and investment opportunities between the two countries
Business
71 varieties displayed during Onaizah International Dates Season
More than 71 varieties of dates were on display in the auction arena of the Food City during the Onaizah...
- The most common and sought-after types are Khalas, Barhi, Majdoul, Khodari, and Sukkari. Al-Hamra, Aseelah.
- The health of dates is checked in the municipal laboratory and ascertained through control tours.
Business
DP World H1 net profit $721m
Growth was supported by higher revenue from acquisitions.
- The global port operator said this was a 51 percent year-on-year and added that it expects growth rates to moderate for the rest of the year.
- The company said its H1 revenue was $7.93 billion, a rise of 60 percent, supported by acquisitions, strong performance of feedering services and growth in high margin cargo.
Business
Al-Othaim posts $37m profit
The retailer said the profit soared due to growth in sales.
- The retailer said that its share in the profit of its associate Gulf Flour Milling Co. boosted this period’s results, as it was not recorded in the prior year
- The company incurred higher costs from opening new stores and enhancing competencies in senior positions
Business
G42 launches $10bn technology growth fund
The fund, to be managed by a subsidiary of G42, will invest in late-stage growth companies with disruptive technologies and...
- The fund will invest in late-stage growth companies with disruptive technologies and strong business fundamentals
- It will operate as a private equity investor, with a significant share of investment earmarked for high growth regions
Economy
OPEC not responsible for soaring inflation: Secretary-General
“OPEC is not behind this price increase,” said the secretary-general of the the influential group of producers Haitham Al-Ghais. “There...
- Al-Ghais’ comments follow the OPEC’s decision to add only 100,000 barrels per day from next month
- He said the factors behind the spike in gas and oil prices are beyond OPEC and identified underinvestment as the main problem
Business
Saudi jewelry sector records 36 percent sales jump in Q2
The gold and jewelry sector in Saudi Arabia has recorded a 36 percent growth in sales as the economy shows...
- The kingdom has also seen an upsurge in consumer spending in the second quarter exceeding $33 billion with an annual growth rate of 7 percent
- Referring to data issued by the Jazan Chamber of Commerce, the report said the gold and jewelry sector was followed by clothing and footwear, which grew by 24 percent
Economy
UAE scores high in 11 best expatriate destination parameters: Survey
The UAE has exceeded international figures in 11 indexes on the best expatriate destinations based on various factors, which include...
- German research firm InterNations said UAE achieved advanced positions in four key pillars and 11 indexes, out of five pillars and 17 indexes.
- About 94 percent of those surveyed felt safe in the UAE while the global rate was under 81 percent.
Business
Number of UAE-based private sector employees grows by 9% in Q2
The Ministry of Human Resources and Emiratisation said in its private sector workforce report that the construction sector accounted for...
- Twenty-six percent of the total private sector workforce registered with the Ministry are in the construction sector, followed by 21 percent in the trade and repair services.
- Agriculture sector marked the highest (70 percent) growth in the number of new work permits issued, followed by social and personal services.
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Gulf nations embark on defense industry localization
Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...
Economy
Company News
Latest News
GCC, US vow to work jointly for regional stability
The strategic partnerships between the two sides seek to focus on peace, security, stability, integration, and economic prosperity in the...
Geostrategy
Bybit partners with Sharjah varsity to boost crypto adoption in UAE
Sharjah, UAE - Bybit, the world’s third most visited crypto exchange, will contribute AED 1 million ($272,257) via a partnership...
Business
World Bank lowers MENA’s growth forecast to 2.2 percent in 2023
DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from...
Economy
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Business
Jewels of Emirates continues to attract visitors on third day
SHARJAH, UAE- The fourth edition of Jewels of Emirates Show at the Expo Center Sharjah has so far seen record...
- The event received an overwhelming response from visitors, with exhibitors unveiling a stunning array of exclusive and rare jewelry pieces.
- Emirati designer Shamma Al Hallami, in partnership with Salem Al Shueibi Jewelery, also debuted her latest collection of 18-carat gold jewelry
Business
DEWA extended 64km water transmission pipelines in 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) extended water transmission pipelines of 64 kilometers lengths in several areas...
- The transmission pipeline extensions have remote monitoring for control of key water networks effectively around the clock.
- This is through automated valves operated from the control centre to reduce interruptions and water network losses.
Business
MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU)...
- The move is part of the UAE's efforts to accelerate decarbonization and digitalization within the global manufacturing sector.
- First implemented in the UAE in February in line with the UAE Net Zero by 2050 strategic initiative, the ITTI will soon be deployed in the region.